1203 Shelby Dr Memphis, TN 38116

This exceptional investment opportunity presents a 32,400 square foot AutoZone ground lease in Memphis, Tennessee. The property boasts a 13.4-year remaining lease term (commencing May 1, 2023, and expiring April 30, 2038) with a credit-rated corporate guarantee from AutoZone, a Fortune 500 company headquartered in Memphis. The absolute NNN lease features built-in rent bumps of 8% every five years, ensuring consistent income growth. Located at 1203 E Shelby Dr, Memphis, TN 38116, this prime retail location benefits from high visibility, situated next to a new Starbucks and Foot Locker, with signalized access. The property's strategic location near Graceland, Memphis International Airport, and Interstate 55 ensures significant traffic and exposure. This AutoZone store is a high-performing mega-hub location, ranked in the top 2% nationwide, and offers a substantial 2.09-acre lot. The asking price is $2,796,000, representing a 5.15% cap rate and a price per square foot of $86.30. The property's strong tenant, prime location, and long-term lease make it an attractive investment with significant upside potential. The lease includes four, five-year renewal options. The current Net Operating Income (NOI) is $144,000. This is a rare opportunity to acquire a high-performing, long-term ground lease with a blue-chip tenant in a thriving Memphis submarket.